Transportation Industry
AIRTOURS BUYS SAS LEISURE
Transport Europe, May, 1994
AIRTOURS, the UK holiday group, is buying SAS LEISURE, Scandinavia's largest tour operator, for GBP 74 million. SAS LEISURE is a subsidiary of SCANDINAVIAN AIRLINES SYSTEM (SAS) and has 31% of the Scandinavian tour operating market. It owns or manages 14 resort hotels and has a 50% stake in PREMIAIR, a charter airline. Simultaneously, AIRTOURS announced that it has purchased a 752-berth ship from CLOSTER CRUISE, of Norway. The group said the outlay involved would be around GBP 16 million, which includes the cost of refurbishment. AIRTOURS said it will begin selling cruises in the Mediterranean and the Canary Islands to UK and Scandinavian customers in Spring 1995. Last year, AIRTOURS narrowly failed to acquire one of its two main UK rivals, OWNERS ABROAD....
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